There are few problems more pervasive throughout this country than the severe shortage of affordable housing. I am forever grateful that I have been able to spend my entire professional career working to help address this problem. I feel extremely fortunate to be part of a law firm comprised of other professionals and staff that are committed to the same.
Stephen Niles has more than three decades of experience advising clients on matters involving Department of Housing and Urban Development (HUD) subsidy programs and financing sources for housing and community development projects. He represents for-profit and nonprofit clients in transactional and regulatory matters relating to the development and preservation of affordable multifamily housing. Steve also founded the firm’s HUD practice group.
Steve regularly assists project owners, developers, sponsors, investors, and management agents with transactions involving the acquisition, construction, rehabilitation, development, financing, and operation of affordable housing projects. He also works closely with HUD officials at HUD Headquarters in Washington, DC, as well as the Department’s various regional and satellite offices nationwide.
Steve’s work includes assisting clients with the Section 8 HAP contract renewals, assignments and consolidations; modifying HUD documents to facilitate LIHTC transactions; the transfer of HAP budget authority and HUD use restrictions from one multifamily property to another to accomplish redevelopment; and HUD asset management and property management matters. He also advises on transactions for the conversion of Section 202 elderly projects, public housing projects and other HUD-regulated projects to Project Based Rental Assistance (PBRA) and Project-Based Voucher (PBV) subsidy programs under HUD’s Rental Assistance Demonstration (RAD) program. Much of Steve’s work involves the restructuring and recapitalization of multifamily properties with FHA-insured loans, HUD-held loans, HUD grants, HUD/HFA risk-sharing loans, CDBG funds, HOME funds and a variety of subsidy contracts.
When helping clients develop new properties or rehabilitate existing projects, Steve coordinates community and public-sector interests, gains buy-in from HUD and other government officials who grant approvals and works with financing parties to assemble viable transaction structures. Always keeping up with relevant statutory changes and new HUD programs and guidance, he draws on his deep knowledge base and large network of contacts to shepherd clients through complex regulatory requirements.
I am passionate about my work to promote and sustain affordable housing. To me, making sure everyone has a safe and affordable home is critical to who I am and what I love to do. As noted by Matthew Desmond in his book “Evicted,” “… it is hard to argue that housing is not a fundamental human need. Decent, affordable housing should be a basic right for everybody in this country. The reason is simple: without stable shelter, everything else falls apart.”
